Question 1

Do I still own my home with a reverse mortgage?

Accepted Answer

Yes. You keep the title. The lender places a lien, but you own the home as long as you live there and meet loan terms.

Question 2

What happens when I move out or pass away?

Accepted Answer

The loan becomes due. Your heirs can sell the home, pay off the balance, or refinance. They keep any remaining equity.

Question 3

Can I get a reverse mortgage if I still have a regular mortgage?

Accepted Answer

Yes — but the existing mortgage must be paid off at closing, often using reverse mortgage proceeds.

Question 4

Is reverse mortgage income taxable?

Accepted Answer

No. Reverse mortgage proceeds are loan advances, not income. They don't affect Social Security or Medicare eligibility.

Question 5

How much can I borrow against my Redlands home?

Accepted Answer

It depends on your age, home value, and current rates. Older borrowers with more equity access more funds. Rates vary by borrower profile and market conditions.

Question 6

What is HUD counseling and do I really need it?

Accepted Answer

It's a required session with an FHA-approved housing counselor. It ensures you fully understand the loan before you commit.

Reverse Mortgages in Redlands, CA